ISLAMABAD: Caretaker Government led by Prime Minister Anwaar ul Haq Kakar has announced a reduction in the prices of petrol and high-speed diesel (HSD) for the first time since taking office. The reduction, effective for the upcoming fortnight until October 15, amounts to Rs 8 per litre for petrol and Rs 11 per litre for HSD.
This decision follows a series of price hikes, with petrol and HSD rates having increased by Rs 59 and Rs 56 per litre, respectively, since August 15.
In contrast, the government has chosen to raise the price of liquefied petroleum gas (LPG) by approximately 9%, leading to a rise of Rs 246.15 in the cost of an 11.8-kg domestic cylinder for October 2023. This comes on the heels of a nearly 20% increase in LPG prices the previous month.
The Ministry of Finance made the announcement regarding the reduction in petrol and HSD prices just before midnight, following the approval of the caretaker prime minister. The statement explained, “In the wake of variations in international prices of petroleum products and the improvement in the exchange rate, the government of Pakistan has decided to revise the consumer prices of petroleum products.”
As per the decision, the ex-depot price for petrol has been set at Rs 323.38 per litre, down from the previous Rs 331.38, for the next fortnight. Similarly, the ex-depot price for HSD has been adjusted to Rs 318.18 per litre, as opposed to the previous rate of Rs 329.18. However, it’s important to note that the retail prices at the pump will be slightly higher than these figures.
Meanwhile, the Oil & Gas Regulatory Authority (Ogra) has established the LPG price at Rs 261 per kg for October, marking an increase of Rs 21 or 8.7% compared to September. Consequently, the price for the 11.8kg domestic LPG cylinder has been set at Rs 3,079.64 for the current month.